Commercial Property Editor

Mirvac Group is the latest real estate investment trust to replace its chief executive as the sector looks at ways to reinvigorate its flat earnings profile.

In a surprise move, the long-standing head Nick Collishaw, who joined Mirvac in 2005 and become CEO in 2008, will be replaced by Susan Lloyd-Hurwitz by the end of this calendar year.

Her appointment comes only weeks after Stockland's managing director of 11 years Matthew Quinn announced his retirement when a replacement can be found.

There is also market talk that other long-standing chief executives will use the current reporting season to announce their departures.

Advertisement

While not specifically related to their imminent departures, many CEOs of REITs have been under fire over the past two years for their large remuneration packages at a time when the security prices have struggled to regain ground anywhere near the levels of before the GFC.

Mr Collishaw last year headed off calls to be replaced after agreeing to cut his base pay from a hefty $2 million to a still reasonably hefty $1.5 million. Mr Quinn also agreed to a pay freeze earlier this year.

Ms Lloyd-Hurwitz is currently managing director Europe at LaSalle Investment Management based in London and has previously held senior executive roles at Macquarie Group and Lend Lease around the world.

Mirvac's chairman James McKenzie said the work that Mr Collishaw had led to build Mirvac's capacity and preparedness to partner with wholesale investors would be central to Mirvac's strategy going forward.

"This has been an important chapter for Mirvac, but over the next few years the Group has a different set of challenges. The board is keen to accelerate cultural change in the business, and wants to place even greater focus on the Group's communication with stakeholders. This needs to be achieved alongside continuing improved return on invested capital from the development division," he said in a statement.

"The board has been focused on succession planning for some time. Having now identified an outstanding candidate in Susan Lloyd-Hurwitz, Nick Collishaw and the board agreed that it was time to commence an orderly transition."